Ether wallet addresses with at least 1 ETH hit the record

November 20, 2020 Coin Payment

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Bitcoin’s (BTC) bull run may dominate the headlines, but the bold cryptocurrency isn’t the only coin to show strong positive indicators.

According to data from Glassnode alerts, the number of Ether (ETH) wallet addresses with a minimum of 1 ETH reached an all-time high on November 19:

As of press time, Ether is trading over $ 500, continuing a strong bullish trend that began in early November.

It’s worth noting that individual users can create multiple wallet addresses, meaning the 1.17 million figure doesn’t necessarily map 1: 1 to the number of users or entities.

In addition to reflecting bullish market sentiment more broadly, the high number of Ether holders could reflect two additional factors. First, the popularity of decentralized finance and associated tokens that use the Ethereum network. While the value of many of these individual tokens has taken a beating from their previous bullish runs, the total dollar value locked in DeFi remains at a hefty $ 14.05 billion at the time of publication.

On top of that, the current launch date of Ethereum 2.0 Phase 0 is currently set for December 1st and Ethereum co-founder Vitalik Buterin has encouraged the community to expect major improvements on the network scaling and development front.

As Cointelegraph market analysts reported today, Ether’s current price represents a two-and-a-half year high, leading the coin to an overall Bitcoin outperformance in 2020.